The Oriental Bank of Commerce (OBC) has achieved 10 to 11 per cent growth in the current financial year, in deposit and advances, in Uttarakhand where it sees the demand for bank loans for the industrial purposes coming down considerably after the expiry of hill incentives this year.
“The demand for loans for industrial purposes has come down considerably after the expiry of special hill incentives which expired on March 31 this year,” a top OBC official told Business Standard.
But despite the expiry of these tax incentives, the bank has already done a business of Rs 3,000 crore ended September this year as compared to Rs 2,500 crore in the last year. “We are still positive on Uttarakhand as the industrial growth had been robust during the past few years,” a top OBC official said.
The OBC, which has 67 existing branches and 35 ATMs, would shortly open three new branches at Luxar in Haridwar district, Gajrada in Dehra Dun district and Srinagar in Pauri district. The bank recently opened two new branches at Doiwala in Dehra Dun district and Narota in Saharanpur area. “On every new branch that we open, we also provide an ATM along with it,” the official said.
The OBC has also launched three new deposit schemes in the hill state. Under the R-Seti programme, the OBC had been organising skill development programmes at Sahaspur block of Dehra Dun where it is providing training to farmers and unemployed youths.
